REGISTERED NUMBER: |
Financial Statements for the Period 28 July 2022 to 31 July 2023 |
for |
GRASTIM UK LTD |
REGISTERED NUMBER: |
Financial Statements for the Period 28 July 2022 to 31 July 2023 |
for |
GRASTIM UK LTD |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Contents of the Financial Statements |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GRASTIM UK LTD |
Company Information |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
38 Craven Street |
London |
WC2N 5NG |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Balance Sheet |
31 JULY 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Notes to the Financial Statements |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Grastim UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenues from rendering of services are recognized when it is probable that an economic benefit associated with the transaction will flow to the entity and the amount of revenue can be measured reliably. |
Tangible fixed assets |
The installation of the power production plant is presently in progress, and depreciation will commence in the accounting period during which the asset becomes available for use. |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
An entity recognises a financial asset or a financial liability only when the entity becomes a party to the contractual provisions of the instrument. |
Financial assets |
The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances. |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss. |
Basic debt instruments and commitments to receive a loan and to make a loan to another entity that meet the conditions in FRS 102:11.8(c) can, after initial recognition, be measured at fair value through profit or loss, provided that this results in more relevant information. |
Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred. |
Financial liabilities |
The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 28 July 2022 |
Reclassification/transfer |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 27 July 2022 |
The installation of the power production plant is presently in progress, and depreciation will commence in the accounting period during which the asset becomes available for use. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
In the reporting period, the company initiated two long-term loan agreements with the parent company. These loans are scheduled for repayment in instalments commencing from March 2024 and December 2024, respectively. Interest will accrue on both loan balances starting from March 2024. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Amounts owed to group undertakings |
In the reporting period, the company initiated two long-term loan agreements with the parent company. These loans are scheduled for repayment in instalments commencing from March 2024 and December 2024, respectively. Interest will accrue on both loan balances starting from March 2024. |
GRASTIM UK LTD (REGISTERED NUMBER: 14262444) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
During the reporting period, a potential obligation for decommissioning costs emerged as a result of a new agreement undertaken by the company. This agreement pertains to the installation of a new power production plant and the provision of power supply to their client. Upon the conclusion of the agreement, the terms stipulate that the customer possesses the right to either acquire the production plant or request its decommissioning and disposal. |
10. | OTHER FINANCIAL COMMITMENTS |
The total of future minimum payments under non-cancellable operating leases are: |
a) not later than one year: £ 11,500 |
b) later than one year: nil |
11. | POST BALANCE SHEET EVENTS |
After the conclusion of the fiscal year: |
1) amendments were made to the 12-installment repayment terms of the loan agreement with the parent company. Consequently, the initial repayment date has been adjusted to March 2025 instead of March 2024. |
2) The company has executed an additional loan agreement amounting to £1,200,000 with the parent company. This loan is due for payment by March 2025 and carries an annual interest rate of 0.5% above the Bank of England's rate, with a minimum interest rate set at 5.75%. |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Grastim JV Srl, a company registered in Italy with legal address in Napoli, via Nuova Marina, 5 - Italy. |
The ultimate parent company is Graded Holding Srl, a company incorporated in Italy with legal address in Napoli, Via Gen Girolamo Cala Ulloa, 38 - Italy. |
The smallest and largest group of undertakings for which consolidated accounts have been drawn up is that headed by Graded Holding Srl and copies are available at its registered office in Italy. |